Ayala-led Globe Telecom is sweetening its offer to buy out creditors of Bayan Telecommunications Inc. (Bayantel) in line with plans of a possible merger between the two companies.

In a statement, all creditors that tender their 13.5-percent senior notes issued by Bayantel and originally due in 2006 would be paid the maximum consideration of $310 for every $1,000 worth of debt.

This was better than the previous graduated scheme offered by Globe that based the amount creditors would receive on the acceptance level of the tender offer.

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Under the previous terms, Globe said it would pay $280 for every $1,000 in remaining principal amount of notes if less than 75 percent accept the tender; $290 if this is higher than 75 percent but less than 80 percent; $300 if this is more than 80 percent but less than 85 percent; and $310 if this exceeds 85 percent.

“The total consideration and the tender offer consideration will no longer depend on the acceptance level in the tender offer but will instead be fixed at the amounts,” it added.

Apart from the promise of a higher payout, Globe said it would extend the closing of the tender offer by three days to Dec. 21.

The 70-percent acceptance level required by Globe would also be waived. Previously, Globe said it would push through with the acquisition of Bayantel’s debts if at least 70 percent of creditors accepted the offer.

“These changes are announced at this time to provide greater certainty to holders of the notes and other debt as to the price and time of settlement of the tender offer,” the company said.

As of Dec. 3, 91.61 percent of the outstanding notes have been tendered by creditors, Globe said.

Globe estimates that Bayantel still owed its creditors about $184.5 million.

The early tender offer date for Bayantel’s notes ended last Nov. 27. Creditors that tender their shares after Nov. 27 will receive only $307.50 for every $1,000 in notes.

Bayantel has been under corporate rehabilitation since 2003. The current court-supervised plan would have seen the Lopez-led firm exiting rehabilitation in 2023. Globe said that after the tender offer has been completed, Bayantel would likely exit rehabilitation much earlier than expected.